Published: Thu, April 26, 2018
Sci-tech | By Bennie Mills

Facebook shrugs off Cambridge Analytica scandal to post 1Q earnings beat

Facebook shrugs off Cambridge Analytica scandal to post 1Q earnings beat

Facebook has repeatedly said that the business hasn't been affected by the Cambridge Analytica scandal, and that certainly seemed to be the case with user numbers jumping in the opening three months of 2018.

On Wednesday, he said the company had continued to see declines in users engaging with certain content, such as viral videos.

The number of daily active users rose 13% year-over-year to 1.45bn, while monthly active users rose by a similar percentage to 2.2bn.

The results are a bright spot for the world's largest social network amid months of negative headlines about the company's handling of personal information, its role in elections and its fueling of violence in developing countries.

The site has also been working towards investing its mobile initiatives as its mobile ad revenue made up about 91% of its total revenue.

Although the impact of the scandal, which broke in mid-March, was unlikely to be reflected in the first quarter, the early signs suggested users and advertisers would remain.

Bharatiya Janata Party Releases a List of 72 Candidates for Karnataka Elections
He said that the community members remained firmly behind BJP and "only one or two swami jis " seem to have said such a thing. Eshwarappa from Shivamogga, Jagadish Shettar from Hubli-Dharwad Central, Basavaraj Bommai from Shiggaon, C.M.

On a conference call, chief financial officer David Wehner said the average monthly and daily user growth in Europe could be flat or down as the European Union brings tough new privacy regulations on May 25.

The company also reportedly employs 27,472 people - an increase of 48 percent when compared to 2017.

Visitors take photos in front of the Facebook logo at the company's headquarters in Menlo Park, Calif., on March 28.

The stock rose as much as 7% in after hours trading Wednesday following the earnings release. Facebook CFO David Wehner said that the company has recorded this hiring initiative under "sales and marketing", which he noted grew 51% year-over-year to $1.6 billion because of the "community investment" and "safety initiatives".

Analysts on average were expecting a profit of $1.35 per share, according to Thomson Reuters I/B/E/S.

It comfortably beat analysts expectations - announcing quarterly revenues of $11.9 billion and EPS of $1.69. He told analysts the public testimony was an "important moment" for the company.

Sensex, Nifty Index Jumped; TCS market cap crosses $100 billion
Meanwhile, the broad based NSE Nifty went up by 29.65 or 0.28% at 10,614.35 with 23 components registering rise. Market breadth was negative with 1750 stocks closing lower against 898 ending higher on the BSE .

Facebook is launching a pilot programme in Ireland ahead of a referendum on abortion which it hopes will ensure greater transparency in political advertising.

"That's what makes Facebook so important to so many people, and that's our responsibility too", said Zuckerberg.

Facebook Inc. has been embroiled in one controversy after another.

"The amount of uncertainty there is for us and all the other companies in the digital advertising industry is reasonably higher than it's been right now because we're all in the process of rolling out GDPR", she said. It had initially authorized repurchases up to $6 billion.

The social media giant has overhauled many of its privacy and data-sharing policies amid a campaign to #deleteFacebook. This was up from a previous estimate of more than 50 million.

The Cambridge Analytica scandal, which has sparked government investigations globally, was mentioned only once on an hour-long conference call between analysts and Facebook management, when one analyst asked Zuckerberg what he learned from testifying in US congressional hearings.

Amazon's Echo Spot lets you watch videos on its circular display
Video calls work between any two Echo Spot devices and also with the Alexa companion app available on Android and iOS app stores. While regular Echo can play back news for you, the Echo Spot can playback flash briefing from the TV Station.

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